EN

Household Finances and Housing Wealth

El análisis de la situación financiera de hogares y del mercado inmobiliario ha recibido una atención prioritaria en la agenda investigadora durante la última década. El Banco de España ha contribuido a este análisis de varias maneras y, más recientemente, con la elaboración de una nueva estadística, la Encuesta Financiera de las Familias (EFF), que proporciona información detallada de la situación patrimonial y las decisiones financieras de los hogares españoles.

Organizadores: Juan Ayuso (Banco de España), Samuel Bentolila (CEMFI), Olympia Bover (Banco de España) y Juan F. Jimeno (Banco de España).

Información

Ponentes

24 Abril

- 09:15h - 10:15h
- "Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?"
  Richard Disney (University of Nottingham e Institute for Fiscal Studies), Sarah Bridges (University of Nottingham) and John Gathergood (University of Nottingham)
  - Paper: Housing wealth and household indebtedness: Is there a household ‘financial accelerator’? (231 KB)
  - Presentation: Housing wealth and household indebtedness: Is there a household ‘financial accelerator’? (338 KB)
  Chair: José L. Malo de Molina (Banco de España)
  
  Discussant: Javier Suárez (CEMFI).Discussant: "Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?" (467 KB)
- 10:15h - 11:15h
- "Household debt and credit constraints: comparative micro evidence from four OECD countries"
  Jonathan Crook (University of Edimburgh) and Stefan Hochgertel (VU University Amsterdam)
  - Paper: Household debt and credit constraints: comparative micro evidence from four OECD countries (366 KB)
  - Presentation : Household debt and credit constraints: comparative micro evidence from four OECD countries (190 KB)
  Chair: José L. Malo de Molina (Banco de España)
  
  Discussant: Ernesto Villanueva (Banco de España). Discussant: "Household debt and credit constraints: comparative micro evidence from four OECD countries" (166 KB)
- 11:45h - 12:45h
- "Economic integration: the mature portfolio criterion"
  Dimitris Georgarakos (Goethe University Frankfurt y CFS), Dimitris Christelis (CSEF, University of Salerno) and Michael Haliassos (Goethe University Frankfurt, CFS y MEA)
  - Paper: Economic integration: the mature portfolio criterion (336 KB)
  - Presentation: Economic integration: the mature portfolio criterion (636 KB)
  Chair: Fernando Restoy (Banco de España)
  
  Discussant: Raquel Carrasco (Universidad Carlos III y Banco de España). Discussant: "Economic integration: the mature portfolio criterion" (93 KB)
- 13:00h - 14:00h
- "Information acquisition and portfolio performance"
  Luigi Guiso (European University Institute and CEPR) and Tullio Jappelli (University of Salermo, CSEF & CEPR)
  - Paper: Information acquisition and portfolio performance (305 KB)
  - Presentation: Information acquisition and portfolio performance (883 KB)
  Discussant: Pedro Mira (CEMFI). Discussant: "Information acquisition and portfolio performance" (58 KB)
- 15:15h - 16:15h
- "A direct test of the buffer stock theory of saving"
  Tullio Jappelli (University of Salerno, CSEF y CEPR), Mario Padula (University of Salerno y CSEF) and Luigi Pistaferri (Stanford University, SIEPR y CEPR)
  - Paper: A direct test of the buffer stock theory of saving (362 KB)
  - Presentation: A direct test of the buffer stock theory of saving (262 KB)
  Chair: Olympia Bover (Banco de España)
  
  Discussant: Nezih Guner (Universidad Carlos III). Discussant: "A direct test of the buffer stock theory of saving" (196 KB)
- 16:30h - 17:30h
- "Consumption and investment motives in housing wealth accumulation of Spanish households"
  Luc Arrondel (CNRS, PSE y FEDEA), Amedeo Spadaro (PSE, FEDEA y Universitat de les Illes Balears) and Nuria Badenes (Universidad Complutense de Madrid)
  - Paper: Consumption and investment motives in housing wealth accumulation of Spanish households (1 MB)
  - Presentation: Consumption and investment motives in housing wealth accumulation of Spanish households (464 KB)
  Chair: Olympia Bover (Banco de España)
  
  Discussant: Manuel Arellano (CEMFI). Discussant: "Consumption and investment motives in housing wealth accumulation of Spanish households" (121 KB)
- 18:00h - 19:00h
- "The Age of Reason: Financial decisions over the lifecycle"
  Sumit Agarwal (Federal Reserve Bank of Chicago), John C. Driscoll (Federal Reserve Board), Xavier Gabaix (MIT, Princeton University y NBER) and David Laibson (Harvard University and NBER)
  - Paper: The Age of Reason: Financial decisions over the lifecycle (321 KB)
  - Presentation: The Age of Reason: Financial decisions over the lifecycle (167 KB)
  Chair: Juan Ayuso (Banco de España)
  
  Discussant: Stéphane Bonhomme (CEMFI). Discussant: "The Age of Reason: Financial decisions over the lifecycle" (125 KB)
- 19:00h - 20:00h
- "Down or out: assessing the welfare costs of household investment mistakes"
  Paolo Sodini (Stockholm School of Economics), Laurent E. Calvet (HEC School of Management, CREST y NBER) and John Y. Campbell (Harvard University y NBER)
  - Paper: Down or out: assessing the welfare costs of household investment mistakes (1 MB)
  - Presentation: Down or out: assessing the welfare costs of household investment mistakes (1 MB)
  Chair: Juan Ayuso (Banco de España)
  
  Discussant: James Costain (Banco de España)Discussant: "Down or out: assessing the welfare costs of household investment mistakes" (688 KB)

25 Abril

- 09:15h - 10:15h
- "Wealth effects on consumption: microeconometric estimates from a new survey of household finances"
  
  Olympia Bover (Banco de España)
  
  Paper: Wealth effects on consumption: microeconometric estimates from a new survey of household finances (753 KB)
  
  Chair: Samuel Bentolila (CEMFI)
  
  Discussant: Pedro Albarrán (Universidad Carlos III). Discussant: "Wealth effects on consumption: microeconometric estimates from a new survey of household finances" (185 KB)
- 10:15h - 11:15h
- "Housing wealth, credit conditions, and consumption"
  John Muellbauer (Nuffield College, University of Oxford), Janine Aron (University of Oxford) and Anthony Murphy (University of Oxford)
  - Paper: "Housing wealth, credit conditions, and consumption" (557 KB)
  - Presentation: "Housing wealth, credit conditions, and consumption" (338 KB)
  Chair: Samuel Bentolila (CEMFI)
  
  Discussant: José García-Montalvo (Universitat Pompeu Fabra). Discussant: "Housing wealth, credit conditions, and consumption" (73 KB)
- 11:45h - 12:45h
- "Welfare implications of the transition to high household debt"
  Zvi Hercowitz (Tel Aviv University) and Jeffrey R. Campbell (Federal Reserve Bank of Chicago y NBER)
  - Paper: "Welfare implications of the transition to high household debt" (294 KB)
  - Presentation: "Welfare implications of the transition to high household debt" (2 MB)
  Chair: Juan F. Jimeno (Banco de España)
  
  Discussant: Javier Díaz-Giménez (Universidad Carlos III). Discussant: "Welfare implications of the transition to high household debt" (184 KB)
- 13:00h - 14:00h
- "Efficient portfolios when housing needs change over the life-cycle"
  Guglielmo Weber (Università di Padova, IFS y CEPR) and Loriana Pellizon (Università di Venezia y SSAV)
  - Paper: "Efficient portfolios when housing needs change over the life-cycle" (754 KB)
  - Presentation: "Efficient portfolios when housing needs change over the life-cycle" (636 KB)
  Chair: Juan F. Jimeno (Banco de España)
  
  Discussant: Vicente Cuñat (Universitat Pompeu Fabra). Discussant: "Efficient portfolios when housing needs change over the life-cycle" (152 KB)

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